The division, called Process Driven Trading and run by (part-time musician) Peter Muller, has generated about $4 billion in profits in the 10 years through 2006. It will be renamed PDT Advisors, run by Muller, allow Morgan Stanley to retain a stake in the new venture and take about 60 MS employees along for the ride. [WSJ]
Layoffs '16: Morgan Stanley Tells A Record Number Of Employees To Clean Out Their Desks
That's a lot of awkward conversations with HR.